The retail industry, having learned to co-exist with a global pandemic, saw significant changes in 2020. Foremost among them is a major shift to the eCommerce channel. For those smaller retailers new to eCommerce technology, shopping and payment apps, and work-from-home technology, retail cybersecurity challenges have become much more of a concern for 2021.
Trustwave’s 2020 Global Security Report found that 24% of all cyberattacks targeted retailers, the most of any industry. Alarmingly, the new normal of eCommerce and work from home (for back office staff) makes retail even more of a target than it was a year ago.
Retailers make attractive targets for cyber-criminals. The shift to eCommerce means that retailers must process and store more customer data. Hackers seek to steal personally identifiable information (PID), including credit card and bank data to profit from selling data on the dark web.
Others use stolen credentials and passwords to purchase products from online retailers. Knowing that consumers reuse passwords, they try to login to multiple sites, sometimes using automation to speed up the process (credential stuffing). Payment processes also see numerous attacks.
There’s a lot of new territory to protect and the security standards and technology have a hard time keeping pace. In addition, the fact that retailers often employ young and inexperienced staff who lack cybersecurity training complicates the problem. Thus, hackers use social engineering techniques to gain access to sensitive data, knowing that humans are the weakest link.
To begin the process of evaluating your retail cybersecurity readiness, consider how your company is doing relative to these retail cybersecurity best practices:
Investigate options such as tokenization that substitute non-sensitive equivalents or tokens for the sensitive data on your system through a tokenization system.
Backups are essential to survive ransomware attacks, natural disasters, and other types of data emergencies. A managed services provider (MSP) can help you automate the backup process.
With numerous possible attack vectors in play, retail cybersecurity is complex. The best thing that a retailer can do to ensure their longevity (survival) in 2021 is to hire qualified cybersecurity experts to evaluate their business security posture.
Keep in mind that the doer should never be the checker. Outside expertise will identify those areas in your business that need improvement. Count on the retail cybersecurity experts at eMazzanti Technologies to help you with this all-important task.
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